Business Environment, 4th Edition by Pearson

356 | Chapter 12

Agriculture is the backbone of our economy. Although the share of agriculture

in the gross domestic product (GDP) had seen a steady decline from 36.4% in

1982–83 to 18.5% in 2006–07, the sector continues to sustain more than half a billion

people, providing employment to 52% of the workforce. It is an important source

of raw material and absorbs many industrial products, particularly fertilizers,

pesticides, agricultural implements, and consumer goods. The very fact that over

a period, the growth in agriculture had remained much lower than the growth in

the non-agricultural sectors will explain the unpleasant plight of the ...